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A measure to make the Employer Quality Jobs Act more sensitive to 21st century jobs, like the ones being created in the biotech industry, has received unanimous approval from the Senate.
Principal author of Senate Bill 407, Sen. Mike Mazzei said the measure will help draw new companies and businesses with high paying jobs to Oklahoma by offering special incentives.
"This legislation is very important for companies," said Mazzei, R-Tulsa. "It lets them know that Oklahoma is a hotbed for research and new technology start-ups."
SB 407 helps companies in many ways. First, it provides more time, specifically three years rather than the one year currently allowed, for new technology companies to qualify for state rebate incentives. Mazzei said this is important to allow for more incubation time for technology, biotech, and new research and development companies - companies for which it normally takes much more than one year to finish experiments and testing before the manufacturing and distribution of products.
The bill helps ensure that new job growth opportunities that sprout up from the research occurring around Tulsa and Oklahoma City can benefit from the Quality Jobs Program. It also increases net benefits to reward existing companies for bringing managerial and professional jobs to the state that pay above-average wages.
"This measure will not only help exciting new 21st century businesses grow and develop in Oklahoma, but will also help get the word out across the country that Oklahoma is the place to come for knowledge economy companies," Mazzei concluded.